Hi - I am a qualified CIMA who works part time now as a teacher and has let my CIMA membership lapse. I have been pondering for some time now attempting to get some book-keeping work, but have put it off because the thought of finding clients seemed too daunting.
However today an acquaintance of mine asked whether I would consider taking over the books of the business which he is a partner in - in fact there are two business - 1 is a limited company (dealing with corporate clients) and the other is a partnership (dealing with domestic clients). So it has got me thinking....
Am I correct in saying that although I could do all the books and the tax return for the partnership I would have to pass the books of the limited company over to an accountant for him to verify the final accounts and do the tax return?
I am also aware that I would have to obtain an MLR certificate - is this correct?
With the passing of the books of the Limited Company over to the accountant for him to verify the final accounts and do the tax return this depends on 2 things:- Turnover of the company if it is at the level that requires auditing this I believe must go to a qualified auditor/accountant (if it is not at that level, then audit is not required and as long as you are not a member of a financial institution with a practising certificate then there is no reason why you cannot do this work as long as you have the confidence and knowledge to do the accounts correctly, most institutes of financial institutions (unless it is accountancy based ones and you have studied up to the level that they allow you to do this work, Institute of Certified Bookkeepers I know does not allow you to do Limited Company accounts.
Money Laundering if you are not a member of a financial institution with a practising certificate then you need to pay HMRC (this is going up soon to £120 a year), I think it is wrong all they do is add your name to a list and that is all they do, I had my MP complain on behalf when MLR first came into effect and the answers from the Treasury went around in circles and they could not justify why they charged what they did for MLR.
As long as you have registered with CIMA as a member in practice then you're fine to prepare and sign off accounts and tax returns for soletraders, partnerships and limited companies (up to the audit threshold).
Given you're already a member of CIMA, you'll come under their supervision for money laundering. No need to register with HMRC as well.
Dustin
-- Edited by Dustin57 on Sunday 26th of April 2009 02:23:20 PM
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